Many PC companies failed before Apple succeeded. Apple itself failed to the point of almost being acquired by Sun before succeeding by buying NeXT and shipping some hit products in the form of colourful iMacs and iPods with click-wheels.
The biggest problem with luxury products is that they have almost nothing to do with the product's tangible features and everything to do with whether you can establish a valuable brand. We live in a world where people spend thousands of dollars on fancy numbers that we have a kind of gentleman's agreement signify that they "own" a jpeg anyone can copy.
I suggest that there is absolutely a market for ridiculously priced phones, but the problem is not hand-crafting a phone with rare materials, the problem is creating the collective hallucination that owning such a phone will make other people envy you.
Apple actually sold some solid gold watches. There was a market for a $18,000 Apple Watch. It wasn't something worth sustaining in perpetuity, but there was a market. They also launched ridiculously priced accessories from Hermes, and there is still a market for them almost a decade later.
People will pay large amounts of money for exclusive items, but it takes a particular set of skills to launch something and convince the world it's the must-have accessory of the moment.